[Ointment0440]

Looking into insurance options for incoming M2 and running into more issues than expected, at least here in Upstate NY.

Have had previous auto insurance policies with Geico and State Farm; Geico has been great when I've had to rely on them, haven't really had to use State Farm.

At least for my area, many insurers won't even give online quotes, and at least one (Progressive) refused to even offer a policy on the M2 (even after calling them).

Gotten online quotes from Liberty Mutual (cheapest, if enrolled in their tracking program though I'm not a big fan of this), Geico, and Hagerty. I have no experience dealing with LM or Hagerty, so appreciate if anyone could share their experiences with them. Price wise, they were all in the $1600-2000 range per year for 100k/300k and $1k deductibles.

Leaning towards going with Geico at this point, but wonder if I should call around to any others. Anyone had to use insurance recently on their M2 (or other car) and if so, how was the experience?

[JABCAT]

I'm going to be getting quotes in the next couple weeks because State Farm is increasing my premium 25% again at my renewal next month. They increased it 25% at my recent renewal in June also.

I have 3 vehicles on that policy & my Z06 on a collector car policy. Seems the insurance companies are trying to make up lost revenue from Covid.

[Ointment0440]

Yeah, I feel that. Both Geico and State Farm increased premiums recently for me as well, so seems like it's an industry-wide phenomenon right now.

[M_Power Rob]

Originally Posted by Ointment0440

Looking into insurance options for incoming M2 and running into more issues than expected, at least here in Upstate NY.

Have had previous auto insurance policies with Geico and State Farm; Geico has been great when I've had to rely on them, haven't really had to use State Farm.

At least for my area, many insurers won't even give online quotes, and at least one (Progressive) refused to even offer a policy on the M2 (even after calling them).

Gotten online quotes from Liberty Mutual (cheapest, if enrolled in their tracking program though I'm not a big fan of this), Geico, and Hagerty. I have no experience dealing with LM or Hagerty, so appreciate if anyone could share their experiences with them. Price wise, they were all in the $1600-2000 range per year for 100k/300k and $1k deductibles.

Leaning towards going with Geico at this point, but wonder if I should call around to any others. Anyone had to use insurance recently on their M2 (or other car) and if so, how was the experience?

Stay away from Liberty/Safeco. Horrible carriers.

Hagerty, like Chubb, is great, but expensive, as long as it is a garage queen (it has to be kept in garage, very limited driving mileageallowed (cannot be a daily)...this is more for collecting or show cars).

Progressive has turned out to be bad with claims.

Look into Travelers (no issues getting insurance with them) and Amica.

[Tag]

Originally Posted by JABCAT

I'm going to be getting quotes in the next couple weeks because State Farm is increasing my premium 25% again at my renewal next month. They increased it 25% at my recent renewal in June also.

I have 3 vehicles on that policy & my Z06 on a collector car policy. Seems the insurance companies are trying to make up lost revenue from Covid.

Same here, my insurance went up 20%. It’s happening to everyone I know. I’m also getting quotes through a broker but so far it not looking very promising. I don’t buy that covid is the reason for such high back to back rate hikes.

[Ointment0440]

Originally Posted by M_Power Rob

Stay away from Liberty/Safeco. Horrible carriers.

Hagerty, like Chubb, is great, but expensive, as long as it is a garage queen (it has to be kept in garage, very limited driving mileageallowed (cannot be a daily)...this is more for collecting or show cars).

Progressive has turned out to be bad with claims.

Look into Travelers (no issues getting insurance with them) and Amica.

Thanks, I did check with Travelers previously as well but their quote was sadly 2X what the others were offering. I will check with Amica.

The car will be a part time garage queen especially in the winters, but plan to take it out on longer road trips out of state when weather is better.

[GOLFFRR]

anytime I see any threads on here about insurance I try to make sure to post so people know.

When you are getting dialed in with your binder from your provider make sure you get in writing that any replacement parts (heaven forbid) will be brand new "OEM" parts from BMW. Most insurance companies will not want to pay for that but instead will offer their "certified" or "refurbished" parts. Keep in mind BMW does not recognize anything other then BMW OEM parts.

If you get in an accident and you have non OEM New BMW Parts installed you may have some issues with warranty claims. So be aware. I see it all the time.

There is a reason you are paying cut rates, this is one things you def want to make sure you get locked in with your insurance company so you wont have to worry down the road if anything were to arise.

[JMcLellan]

I've had my homeowers and auto insurance all bundled through Auto-Owners and they have been amazing the last few years. My car is coming in February so I will soon reach out to my agent and get a feel for coverage and cost. Hoping it is closely in line to what I had on my 2019 M240i plus maybe a few percentage points higher cost due to the replacement price difference of the new vehicle.

[Egrunt]

The M2 is one of the vehicles we are considering as the wife’s next vehicle. We have been with USAA for over 29 years. We are both in our late 50’s with clean driving records. Location does play a part and we reside in San Diego County (California). The M2 would cost us $952 every 6 months. Our 18 M5 we purchased new in 18 cost $608 every 6 months. I was pleasantly surprised last year when the premium was reduced from just over $800 every 6 months and it is my belief since the M5 was now 5 years old the premium was reduced by almost $200 every 6 months. Here are some other vehicles I inputted into the USAA insurance quote program. All quotes are for 6-month premiums with the same limits of coverage that I carry on all my vehicles.

Most expensive to insure to least expensive:

24 Porsche Panamera Turbo S: $2,167 ** MSRP over 200k***
24 Alpina B8: $2,007
24 X6M Comp: $1,875
23 M8 GC: $ $1,859
23 M5 Comp: $1,778
24 Porsche 911 GT3: $1,347
24 Porsche 911 S Coupe: $1,215 MSRP 155k
24 Porsche Cayenne Coupe Turbo S: $1,187
23 M3 Comp: $1,134
24 X5M Comp: $1,128
23 Corvette Z06 3LZ: $1,119 MSRP 155k
23 Audi RS3: $969
24 M2: $952
23 Dodge Challenger Hellcat Red Eye: $881
24 X3 M: $850
23 Cadillac CT-5 V Black Wing: $848
24 Porsche Cayman GT4 RS: $824
23 Cayman GTS: $793
23 Cadillac CT-4 Black Wing: $777
23 Boxster GTS: $771
23 Cayman S: $770
24 M340i: $759
24 X3 M40i: $753
23 Corvette Z51 2LT: $729 MSRP 96k
24 Porsche Cayenne S: $716
24 Toyota Supra: $699
24 VW Golf R: $689
23 Porsche Macan GTS: $657
18 M5: $608 My vehicle
24 Honda Civic Type R: $583
24 Acura Integra Type S: $567


Interesting take away for me is how much a 23 M5 cost to insure ($1,778) compared to my 18 M5 ($608), $1,170 difference with the same coverage. I know not everyone can join USAA but I have my homes and vehicles insured with them and the insurance premiums and customer service has been top rate.

[Ravenseal]

Insurance is going up a ton in Colorado. I'm paying roughly $220 a month with USAA on my M2. Early 30s male, mostly clean driving record. One accident 9 years ago. C8 Corvette was the only car I could find cheaper to insure than the M2.

[Knocksvil]

My current insurance provider has lost their mind, so I just gave Travelers a go as a suggestion above.

Quote criteria:

• 2024 M2 (MSRP 76k)
• Excellent Credit
• No negative driving history (5years+)
  
• State: TX
• Body: 100k/300k
• Property: 50k
• Uninsured: 30k/60k
• Collision: 500 deductible

Monthly: $266 (660 1st month)
6Month: $1839

[JABCAT]

For 3 vehicles ('23 M2, '22 X3MC, '03 Wrangler) we pay $369/month that is going up to $472 in January. We were at $293 in June for the Jeep, my '22 330e & '23 Grand Cherokee Summit. I expected a little increase, But that's a $2,100 annual increase since June, it's ridiculous.

[Ointment0440]

Originally Posted by Knocksvil

My current insurance provider has lost their mind, so I just gave Travelers a go as a suggestion above.

Quote criteria:

• 2024 M2 (MSRP 76k)
• Excellent Credit
• No negative driving history (5years+)
  
• State: TX
• Body: 100k/300k
• Property: 50k
• Uninsured: 30k/60k
• Collision: 500 deductible

Monthly: $266 (660 1st month)
6Month: $1839

Yeah for Travelers, this is around the same quote I got in Upstate NY., pretty much the same limits and history as you, which I felt was quite high compared to others.

I called around to Allstate, State Farm, and AAA and they all gave me quotes in the $2000-2400 range (12 months), with defensive driver course discount. Have heard nice things about USAA, but I don't qualify.

Will probably end up going with either the lizard carrier (~$1750 with discounts; would save even more with the tracking thing, but I feel that's too invasive for me personally) or Hagerty (~$1950 with no extra discounts).

[Xspeedracer]

Hagardy insurance but I don’t drive mine much so it’s only $1290/year

[KC87ZB]

Location, age, driving record, other cars on policy all drive that cost. My M2 is 425 every 6 but I’m a mid 50s married with limited miles for thr M2.

[Ointment0440]

Hagerty gave an extra 5% discount through BMW CCA, so I am going to go with them. If I was using it as a daily, I'd have gone with Geico or AAA from the choices I had.

[RockCrusher]

Originally Posted by Ointment0440

Looking into insurance options for incoming M2 and running into more issues than expected, at least here in Upstate NY.

Have had previous auto insurance policies with Geico and State Farm; Geico has been great when I've had to rely on them, haven't really had to use State Farm.

At least for my area, many insurers won't even give online quotes, and at least one (Progressive) refused to even offer a policy on the M2 (even after calling them).

Gotten online quotes from Liberty Mutual (cheapest, if enrolled in their tracking program though I'm not a big fan of this), Geico, and Hagerty. I have no experience dealing with LM or Hagerty, so appreciate if anyone could share their experiences with them. Price wise, they were all in the $1600-2000 range per year for 100k/300k and $1k deductibles.

Leaning towards going with Geico at this point, but wonder if I should call around to any others. Anyone had to use insurance recently on their M2 (or other car) and if so, how was the experience?

Have only gotten quotes from AAA. I'm with State Farm. AAA came in a few dollars *more* than I'm paying with State Farm.

Roughly my M2 costs $1000/year for insurance. I get a multi car discount. Just removed my 2023 MINI JCW and added my 2024 BMW 230i xDrive. Insurance went up a few dollars per month to around $1000/year.

So I'm paying around $2000/year for both my cars.

Besides the vehicles location, driving record, possibly miles driven per year, credit rating play a role in how much car insurance costs.

Also, there have been some articles in WSJ recently -- within the last few months -- about how car insurance is going up. New (and used) cars cost more. Prices to repair have gone up. Premiums are climbing.

[LCDRJohn]

Originally Posted by Egrunt

The M2 is one of the vehicles we are considering as the wife’s next vehicle. We have been with USAA for over 29 years. We are both in our late 50’s with clean driving records. Location does play a part and we reside in San Diego County (California). The M2 would cost us $952 every 6 months. Our 18 M5 we purchased new in 18 cost $608 every 6 months. I was pleasantly surprised last year when the premium was reduced from just over $800 every 6 months and it is my belief since the M5 was now 5 years old the premium was reduced by almost $200 every 6 months. Here are some other vehicles I inputted into the USAA insurance quote program. All quotes are for 6-month premiums with the same limits of coverage that I carry on all my vehicles.

Most expensive to insure to least expensive:

24 Porsche Panamera Turbo S: $2,167 ** MSRP over 200k***
24 Alpina B8: $2,007
24 X6M Comp: $1,875
23 M8 GC: $ $1,859
23 M5 Comp: $1,778
24 Porsche 911 GT3: $1,347
24 Porsche 911 S Coupe: $1,215 MSRP 155k
24 Porsche Cayenne Coupe Turbo S: $1,187
23 M3 Comp: $1,134
24 X5M Comp: $1,128
23 Corvette Z06 3LZ: $1,119 MSRP 155k
23 Audi RS3: $969
24 M2: $952
23 Dodge Challenger Hellcat Red Eye: $881
24 X3 M: $850
23 Cadillac CT-5 V Black Wing: $848
24 Porsche Cayman GT4 RS: $824
23 Cayman GTS: $793
23 Cadillac CT-4 Black Wing: $777
23 Boxster GTS: $771
23 Cayman S: $770
24 M340i: $759
24 X3 M40i: $753
23 Corvette Z51 2LT: $729 MSRP 96k
24 Porsche Cayenne S: $716
24 Toyota Supra: $699
24 VW Golf R: $689
23 Porsche Macan GTS: $657
18 M5: $608 My vehicle
24 Honda Civic Type R: $583
24 Acura Integra Type S: $567


Interesting take away for me is how much a 23 M5 cost to insure ($1,778) compared to my 18 M5 ($608), $1,170 difference with the same coverage. I know not everyone can join USAA but I have my homes and vehicles insured with them and the insurance premiums and customer service has been top rate.

USAA in NJ is pretty close to Cali. I pay $2K on my GT3 and $1500 on my M2.

One thing to remember is that USAA will still screw you despite its reputation. When my Mclaren got in an accident they refused to pay more than a $40/hr shop rate and would only buy remanufactured parts. Problem is, there are no remanufactured parts and there are only 50 or so shops that work on Mclarens and they all run $250/hr. In the end, we had to go after USAA. Fought them for 3 months. Ironically, the accident was paid for by a commercial trucking company that ran over my car. Now I make sure I understand that you need a specialized insurance company for the exotic brands.

[tommycr]

I had an accident in my M240 in the beginning of the summer and took delivery of my M2 in October. Still didn’t hit the carfax and State Farm did an accident forgiveness so my premium barely went up.

Lucky to say the least!

[Bumpinjeep]

Funny, I just got off the phone with my insurance as my rates have gone up once again. The assistant basically told me to shop around. $908 every 6 months, so basically $1800 a year for the M2. Thats with all of the discounts, homeowner, multiple car, etc. Granted I pay a little less because I always pay in full but that's still a ridiculous amount to pay. So i'm going to shop around and find out what the deal is. I'll post the results.

[miiipilot]

OHIO has some of the cheapest rates for auto coverage.

State farm raised my beater car around 40%
3 cars
Excellent credit
House policy

We thought we were getting hosed, but we called Farmers and they laughed and said, "Stay with State Farm...we're no where close to what you have now."

Post-covid Bidenomics

[Kevin_The_Clean1]

Originally Posted by JABCAT

I'm going to be getting quotes in the next couple weeks because State Farm is increasing my premium 25% again at my renewal next month. They increased it 25% at my recent renewal in June also.

I have 3 vehicles on that policy & my Z06 on a collector car policy. Seems the insurance companies are trying to make up lost revenue from Covid.

Originally Posted by Tag

Same here, my insurance went up 20%. It’s happening to everyone I know. I’m also getting quotes through a broker but so far it not looking very promising. I don’t buy that covid is the reason for such high back to back rate hikes.

Exactly guys. These rate hikes are ridiculous.